Energy Services

For the third week in a row, the Baker Hughes U.S. rig count regained some of the rigs lost earlier this year. Two weeks ago, the rig count gained four rigs to 586. Last week the count regained another two rigs to 588. Note that for much of last year, the national count remained in a very tight range of 581-589. It seems like equilibrium is returning. As for the Marcellus/Utica, the rig count was a combined 34 last week—the same number for ten weeks in a row. It looks like we’ve hit an equilibrium in the M-U, too. Read More “National Rig Count Gains 2 @ 588; M-U Count Steady @ 34”

For the second week in a row, the Baker Hughes U.S. rig count regained some of the rigs lost in prior weeks. Two weeks ago, the rig count gained six rigs (see National Rig Count Gains 6 @ 582; M-U Count Steady @ 34). Last week, the rig count gained another four rigs to 586. Note that for much of last year, the national count remained in a very tight range of 581-589. It seems like that equilibrium is returning after the recent drop below 580. As for the Marcellus/Utica, the rig count was a combined 34 last week—the same number for eight weeks in a row. It looks like we’ve hit an equilibrium here, too. Read More “National Rig Count Gains 4 @ 586; M-U Count Steady @ 34”

Prior to last week, the Baker Hughes national rig count had been in a freefall for weeks, dropping to a 3+ year low of 576 (see National Rig Count Falls Again, Lowest in 3+ Years; M-U Steady). Last week, the trend finally turned around. The national count gained six rigs to 582. The Marcellus/Utica rig count was a combined 34 last week—the same number for seven weeks in a row. PA has operated 15 rigs for the past 12 weeks, with the exception of one week, when the number briefly increased to 16 rigs. OH has operated nine rigs for the past nine weeks, and WV has operated 10 rigs for an astonishing 21 weeks in a row, going back to Sep. 13 of last year. Read More “National Rig Count Gains 6 @ 582; M-U Count Steady @ 34”

We’re in full crash mode with the Baker Hughes national rig count. After losing five rigs three weeks ago, and four more two weeks ago, the BH rig count lost another four rigs last week—13 rigs out of circulation in three weeks. The number of rigs nationally now stands at 576, the lowest since Dec. 2021 (over three years ago). The Marcellus/Utica rig count was a combined 34 last week—the same number for six weeks in a row. PA has operated 15 rigs for the past 11 weeks, with the exception of one week, when the number briefly increased to 16 rigs. OH has operated nine rigs for the past eight weeks, and WV has operated 10 rigs for an astonishing 20 weeks in a row, going back to Sep. 13. Read More “National Rig Count Falls Again, Lowest in 3+ Years; M-U Steady”